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The Club’s financial position has been deteriorating steadily over the last year and following the appointment of James Aughterson as financial director, a close examination of the budget showed that losses were accumulating at a faster rate than feared.
The Club’s Board met on Monday afternoon and unanimously decided that it would be unable to meet its commitments unless substantial funding was made available with immediate effect.
Chris Ingram has agreed to step in and underwrite losses of up to £200,000 this financial year so that the Club can continue as a going concern. Shahid Azeem has resigned as Chairman and Director and Chris Ingram takes over as Acting Chairman.
Chris and the Board will be working to implement a structure that gives the club a stable, sustainable and successful future.